Investments in Other Entities

3 Months Ended

Mar. 31, 2025

Equity Method Investments and Joint Ventures [Abstract]

Investments in Other Entities

5.Investments in Other Entities

Equity Method

For the three months ended March 31, 2025 and 2024, the Company’s equity method investment activity and balance consisted of the following (in thousands):

	% of Ownership	December 31, 2024		Initial Investment			Allocation of Net (Loss) Income			Distribution			March 31, 2025
LaSalle Medical Associates – IPA line of business	25%	$	13,128	$	—		$	(343	)	$	—		$	12,785
Pacific Medical Imaging & Oncology Center, Inc.	40%		1,660		—			4			—			1,664
CAIPA MSO, LLC	30%		14,612		—			264			—			14,876
I Health, Inc.	25%		6,077		—			51			—			6,128
Other*	25% - 51%		3,842		(347	)		(843	)		(100	)		2,552
		$	39,319	$	(347	)	$	(867	)	$	(100	)	$	38,005

*Other consists of smaller equity method investments including those from the CHS acquisition.

	% of Ownership	December 31, 2023		Initial Investment		Allocation of Net Income		Distribution		March 31, 2024
LaSalle Medical Associates – IPA line of business	25%	$	9,866	$	—	$	359	$	—	$	10,225
Pacific Medical Imaging & Oncology Center, Inc.	40%		1,691		—		27		—		1,718
CAIPA MSO, LLC	30%		13,660		—		186		—		13,846
I Health, Inc.	25%		—		9,487		—		—		9,487
Other*	25%		557		—		60		—		617
		$	25,774	$	9,487	$	632	$	—	$	35,893

*Other consists of smaller equity method investments.

The Company records its investments in certain non-consolidated VIEs within investments in other entities – equity method in the accompanying condensed consolidated balance sheets. These entities were determined to be VIEs but are not consolidated because despite providing financial support to these entities, the Company lacks a controlling financial interest and is not the primary beneficiary. Thus, these VIEs are accounted for under the equity method of accounting. The Company recognizes its share of the investee’s earnings or losses under the “hypothetical-liquidation-at-book-value” method. As of March 31, 2025, the Company’s maximum exposure to loss was $1.9 million which represents the carrying value of the Company’s investments in the non-consolidated VIEs.

Equity method investments are subject to impairment evaluation. No impairment loss was recorded related to equity method investments for the three months ended March 31, 2025 and 2024.

Investments in Privately Held Entities

The Company accounts for certain equity investments using the cost basis, adjusted for observable price changes and impairments, when there is no readily determinable fair value. Observable price changes and impairments are recognized in net income. As of both March 31, 2025, and December 31, 2024, our investments in privately held entities was $8.9 million, respectively, for which a fair value is not readily determinable and we do not have significant influence. During the three months ended March 31, 2025 and 2024, there were no observable price changes to these investments.